Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK inflation rose to a fresh 40-year high in June, with the consumer price index rising 9.4% year-on-year, the biggest increase since the comparable 10.2% increase recorded in February 1982, the Office for National Statistics said Wednesday. Once again, the increase outpaced expectations of City analysts, albeit marginally.
The data will make further difficult reading for the Bank of England ahead of the August policy meeting and could take the Monetary Policy Committee a step closer to a 50bps hike, although the increase is within the trajectory policymakers see towards an October 'peak' around 11%.
Once again, the pressure on consumer spending was highlighted by the continued year-on-year surge in the costs of running the household, with the Housing, Water, Electricity and Gas up 19.6% -- although it was flat on the month. Transport costs rose sharply on the month, up 2.3%, extending the annualised gain to 14.9%, driven by an increase in petrol prices to record highs
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.